Short Term Rental in Colorado Springs

[Vincent Pirrone]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $316,500
Cash invested: $30,000

I purchased this house in 202 and completed construction on the guest house in 2022. Currently, the main house is a short term rental. Both houses will be rented as short term rentals starting June 2022.

What made you interested in investing in this type of deal?

I would like to focus my real estate investments towards short term rentals.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS. It was a listing that sat during the beginning of COVID so I was able to get it cheaper than the asking price.

How did you finance this deal?

I financed the deal with a HELOC on another house I had.

How did you add value to the deal?

I added value to the deal by building a guest house on the property that will become a second unit.

What was the outcome?

I ended up breaking even on the deal and the construction costs, but I did learn a lot of valuable lessons.